I've read posts on this great forum for the past 6 years, and am grateful that there is such a place on the web like this.

Anyways, I've been in and out of trucking for the past 10 years always as a company driver. I've made many attempts get getting out of trucking because, mainly because as a company driver the sacrifices and the amount of hours worked just don't seem worth the money. Sure, you can make decent money...but if McDonalds gave me all of the hours I wanted I could make the same there too, couldn't I? Well, after about a year break from OTR and a few jobs in other positions of driving field (i.e. wrecker driver) I'm back out there.

I've decided that this time it's time to make a go of becoming an O/O, for the financial reasons, and because I want more control of my life. I've also never seen an OTR driver who's remained a company driver for his entire career retire, of have a good quality family life. No matter what, being a company driver is not for me.

I was taught how to drive and some in's and out's of the business by an O/O who was leased onto Landstar Ranger doing step-deck work. Got broke in driving a 1985 Freightliner C/O with no options...no air, leaf spring suspension, no cruise and a 9 speed transmission. It was a great experience and I believe I learned way more than any school could teach now a days.

Anyhow, I really want to get my own truck and do it my way. I'm tired of forced dispatch, loads that don't pay anything, dead-heading 200 miles + to loads when I'm not payed DH miles, not having any real control over when I'm home. Don't get me wrong, my company treats it's drivers good, with respect, and we drive nice O/O spec'd Volvos. However, for the sacrifices I make I want to start making the big money and believe that after 10 years in this game it's time.

First things first, can't be an O/O without a truck. I have no credit at this time. Even when realtors were desperately trying to sell homes cheap and my income showed I could afford it, I still couldn't even get approved for loan. I know that many of you will say that if I save so much a month, in a few years I could either pay cash, or have downpayment on truck loan. This is not the route I really want to go right now. I'd like to know what other feasible options are out there for someone with not a lot of capital, and no credit. I've read a lot about lease purchases, and if not for 99% of what I've heard being a set-up for failure and loss of money I'd consider it. I've even talked to drivers who got screwed horribly trying to go through a lease purchase, so to me unless it's concrete that a driver who's willing to work can make it work it's a no-go. I've seen older trucks on Craigslist and in Truck Paper go for reasonable prices, but I also know that some companies, and even some shippers have limitations on how old your truck can be for them to consider putting their freight on your truck. I've seen some 2000 Pete's that I like a lot going for around $20K, but in the back of my mind is the year statute that some companies enforce.

Are there any resources for obtaining a loan for a truck for someone with no credit, no collateral as I do not own my own home, and not a lot of money to use as a down-payment? I don't want to have to settle either for what kind of truck I get, I know a lot of people get/start off in Freightliner Century's, or Columbia's, because they're cheap and are in surplus, but I will not settle for this. The way I see it, if I'm going to own it, and pretty much live in it, it's going to be what I want. I was talking to a guy last week at a truckstop in Laredo and he said with way things are now, places really want to get rid of the trucks on their lot but will be ones no one really wants if you're in no positions to get loans anywhere else or come up with huge downpayment. That if i were willing to take whatever kind of truck they'll give me they'll work with me and won't let me leave without a truck, even with no money or little money down. I don't want to have to settle though.

Also, as I said I don't have much capital. Are their companies out there that work with you with plates, insurance, and fuel? Such as paying your plate (of course it is still THEIR plate, I'm aware of that), insurance, and giving you fuel card and just deducting it from your settlement? I'm not looking to stay in a position like that for long, just a way to start out.

I eventually would like to run under my own authority, but just need stepping stones to use to get there. Anyhow, how much does it cost, and how hard is it these days with so many rules and regulations in place?

One way to improve/establish credit is to get a secured credit card and use it for everything. When I was new in the country, I did this and it worked. You'd have to come up with the deposit though and pay all your bills in full every month. Buying a truck is easier than buying a home, but the rates you'll get with poor/no credit will be criminally high.

Thanks Tracer for your reply. That is also something I've been looking into to establish credit. Where would one begin to look for truck financing with little/no credit?

truck dealers. they love to give out high interest rate loans. i got my 2004 international from a dealer and they charged me almost 10% a year.

If it's not too much to ask, what did the numbers work out to on that. If you don't wanna put it out there feel free to PM me. Thanks.

$1,585 per month for 42 months for a $64,000 truck. the financing company wanted 10% down. the dealer gave me $3,000 to help with the down payment and i put down the rest. this was in 2007 and the truck only had 165,000 miles. nowadays the market is much cheaper, both in Canada and US. my 2 last payments are taken out of my account tomorrow! no more payments. a piece of advice: never take your first truck where a payment is above 1,500 a month. mine was close to this number and i hardly had any problems paying it. the higher the payment the higher is the level of stress!

Thank you, THAT sounds like great sound advice. I was already thinking that my cap would be around $1,500.00 a month for a payment. So your down-payment was around $7K?

10% down - that's what usually they're looking for, especially for a first time buyer. but sometimes - like in my case - the truck dealer may be motivated enough to provide some help.

Where you able to provide them with some form of motivation? Or they were just really looking to move a truck off of their lot and onto the road? Also, who are you leased onto, or do you have your own authority?

This dealer is located in Woodstock, ON right next to 401, our local super-highway And each time I'd pass I looked at this yellow International ... It was sitting there for a long time, probably close to a year. Finally I stopped by and took a look at it. I might have mentioned to the dealer that I was a bit short for the down payment. They saw their chance to move the "product" and decided to help me out. Naturally, whatever they 'advanced' me they just added to the price of the truck. But it worked and it was a win-win for everybody: the dealer got rid of the truck; I got my own drive, and the financial company hooked me up for 10% a year for 42 months.

I"m leased to Landstar with my own truck and stepdeck trailer.